Nigeria - Business creation project

Describe your project or startup in a few words

DeferRent is a rental financing platform in Nigeria that provides loans to low-income households without access to traditional mortgages, while working with landlords to promote sustainable energy solutions.

01.01 Describe your project in more detail

DeferRent is a rental financing platform that aims to address the housing and energy challenges faced by low-income households in Nigeria. The platform provides loans and flexible payment plans for low-income households who do not have access to traditional mortgage financing. The loans are specifically designed to help tenants pay rent and enable landlords to upgrade their properties with sustainable energy solutions. DeferRent also collaborates with landlords to encourage the adoption of renewable energy technologies such as solar panels, mini-grid systems, and energy-efficient appliances. The platform provides financing for these upgrades and encourages landlords to pass on the cost savings to tenants in the form of reduced rent. By promoting sustainable energy solutions and providing financing for energy-efficient upgrades, DeferRent aims to reduce energy consumption, carbon footprint, and improve access to affordable housing in Nigeria.

01.02 What is the main problem you are trying to solve?

The DeferRent project aims to address several challenges in Nigeria, including 1. The lack of access to affordable housing. 2. Energy poverty. Many households in Nigeria lack access to reliable and affordable electricity, particularly in rural areas. DeferRent aims to address this challenge by promoting sustainable energy solutions such as solar panels and mini-grid systems. 3. High energy costs. 4. Limited access to financing. The project provides loans and flexible payment plans to low-income households who do not have access to traditional mortgage financing, enabling them to pay rent and access affordable housing. DeferRent also works with landlords to promote sustainable energy solutions such as solar panels and energy-efficient upgrades, which can reduce energy costs and improve energy efficiency. By providing financing for affordable housing and promoting sustainable energy solutions, DeferRent aims to improve living conditions for low-income households in Nigeria.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

DeferRent offers a multifaceted solution with several key advantages: 1. Financial Inclusion: It provides access to rental financing for low-income households who are typically excluded from traditional mortgages, fostering financial inclusion and empowerment. 2. Energy Sustainability: By partnering with landlords to promote sustainable energy solutions, DeferRent contributes to environmental sustainability, reducing carbon footprints and promoting energy efficiency. 3. Affordable Housing: The platform facilitates access to affordable housing by offering loans tailored to the needs and financial capacities of low-income renters, thereby addressing housing affordability challenges. 4. Flexible Financing: With customizable loan options, DeferRent accommodates varying financial situations, enabling renters to secure housing while managing their budget 5. DeferRent contribute to community development, fostering stable housing environments and promoting economic growth in local areas

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

DeferRent's primary focus is on serving low-income households, including salary earners, business owners, and landlords. These low-income households often face significant challenges in accessing affordable housing due to limited financial resources and difficulties obtaining traditional mortgages. By offering tailored rental financing options, DeferRent aims to empower these individuals to secure suitable housing while managing their budget effectively. Additionally, landlords benefit from partnering with DeferRent by gaining access to a broader pool of potential tenants who may not have been able to afford their properties otherwise. Overall, DeferRent's mission is to foster financial inclusion and promote sustainable housing solutions, particularly for low-income households in Nigeria.

01.05 When did you start working on your project?

2023-09-01

01.06 How many other partners are associated with your business venture?

5

01.07 Among the other partners, how many are female?

2

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

1. Microfinance Institutions (MFIs): - Skills: Financial literacy, loan disbursement, credit risk assessment. - Experience: Providing small loans and managing high-volume, low-value transactions. 2. Landlords and Property Developers: - Skills: Property management, real estate development. - Experience: Managing rental properties and developing affordable housing. 3. Renewable Energy Solution Providers: - Skills: Solar panel installation, energy auditing. - Experience: Implementing sustainable energy projects and eco-friendly solutions. 4. Technology Partners: - Skills: Software development, fintech solutions. - Experience: Creating scalable digital platforms and user-friendly applications for low-income users.

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

01.10 Which industry best describes your project?

k) Property (real estate)

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

DeferRent directly contributes to the UN Sustainable Development Goal No. 1: No Poverty by addressing critical needs of low-income households in Nigeria: 1. Financial Inclusion: By providing rental financing, DeferRent enables families without access to traditional mortgages to secure stable housing, reducing financial vulnerability. 2. Affordable Housing: We aim to partner with property developers to supply affordable housing, ensuring low-income families can access safe and decent living conditions, alleviating the cost burden of housing. 3. Sustainable Energy Solutions: Collaborating with renewable energy providers, we plan to implement cost-effective, eco-friendly solutions, lowering utility costs for tenants and improving their financial stability. 4. Empowerment Through Technology: Our user-friendly digital platform simplifies loan applications and financial transactions, ensuring even those with limited financial literacy can participate, fostering economic inclusion and emp

02.02.01 My project contributes to the Zero hunger goal

3

02.02.02 Zero hunger - Justification

02.03.01 My project contributes to the Good health and well-being goal

5

02.03.02 Good health and well-being - Justification

The DeferRent project can indirectly contribute to the Good Health and Well-being goal by improving the living conditions of low-income households in Nigeria. Access to affordable housing and improved energy efficiency can lead to better health outcomes by reducing exposure to indoor air pollution and improving overall living conditions.

02.04.01 My project contributes to the Quality education goal

1 - Strongly Disagree

02.04.02 Quality education - Justification

02.05.01 My project contributes to the Gender equality goal

5

02.05.02 Gender equality - Justification

It contribute to it by promoting access to affordable housing and improved living conditions for low-income households, which will benefit women and girls who may be disproportionately affected by poverty and lack of access to housing. Additionally, the project's promotion of sustainable energy solutions can have positive impacts on women's health.

02.06.01 My project contributes to the Clean water and sanitation goal

6

02.06.02 Clean water and sanitation - Justification

It contribute to the Clean Water and Sanitation goal by promoting sustainable energy solutions and reducing carbon emissions. Climate change can have negative impacts on water resources and sanitation, particularly in developing countries. By promoting sustainable energy solutions such as solar panels and mini-grid systems, the DeferRent project can help reduce carbon emissions and mitigate climate change, which can have positive impacts on water resources and sanitation. Additionally, the project's promotion of energy-efficient upgrades to rental properties can reduce water usage and promote water conservation.

02.07.01 My project contributes to the Affordable and clean energy goal

7 - Strongly Agree

02.07.02 Affordable and clean energy - Justification

The DeferRent project directly contributes to the Affordable and Clean Energy goal. The project promotes sustainable energy solutions such as solar panels and mini-grid systems, which can provide a reliable source of electricity and reduce dependence on fossil fuels. By providing financing for these energy solutions, the project can help increase access to affordable and clean energy in Nigeria, particularly in rural areas where access to electricity is limited. Additionally, the project's promotion of energy-efficient upgrades to rental properties can reduce energy consumption and promote sustainability.

02.08.01 My project contributes to the Decent work and economic growth

5

02.08.02 Decent work and economic growth - Justification

The DeferRent project will contribute to the Decent Work and Economic Growth goal by providing financing for low-income households and promoting sustainable energy solutions. By providing loans and flexible payment plans, the project will help low-income households access financing and improve their living conditions, which can lead to greater economic opportunities and financial stability. The project's promotion of sustainable energy solutions can also lead to the creation of new jobs and economic opportunities in the renewable energy sector. Additionally, the project's financing for energy-efficient upgrades to rental properties can lead to cost savings for landlords, which can result in lower rent and improved living conditions for tenants.

02.09.01 My project contributes to the Industry innovation and infrastructure

6

02.09.02 Industry innovation and infrastructure - Justification

DeferRent project will contribute to the Industry, Innovation, and Infrastructure goal by promoting sustainable energy solutions and providing financing for energy-efficient upgrades to rental properties. The project's focus on renewable energy technologies such as solar panels and mini-grid systems will help promote innovation in the energy sector and lead to the creation of new infrastructure for renewable energy generation. Additionally, the project's financing for energy-efficient upgrades can lead to the creation of new jobs in the construction and energy sectors. By promoting sustainable energy solutions and providing financing for energy-efficient upgrades, the project can contribute to the development of innovative infrastructure and technologies that support sustainable development.

02.10.01 My project contributes to the Reduced inequalities goal

6

02.10.02 Reduced inequalities - Justification

The DeferRent project will contribute to the Reduced Inequalities goal by promoting access to affordable housing and financing for low-income households. The project's focus on providing loans and flexible payment plans to low-income households who lack access to traditional mortgage financing will help reduce inequalities in access to housing and financing. Additionally, the project's promotion of sustainable energy solutions can benefit low-income households who may be disproportionately affected by energy poverty and lack of access to reliable electricity. By promoting sustainable energy solutions and providing financing for affordable housing, the DeferRent project will contribute to efforts to reduce inequalities in access to basic needs and services.

02.11.01 My project contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification

The DeferRent project will contribute to the Sustainable Cities and Communities goal by promoting access to affordable housing and energy-efficient upgrades to rental properties. The project's focus on providing financing for affordable housing and energy-efficient upgrades will help improve the quality of rental properties and reduce energy consumption, which can improve the livability of cities and communities. Additionally, the project's promotion of sustainable energy solutions such as solar panels and mini-grid systems will lead to the creation of new infrastructure for renewable energy generation, which can contribute to the development of sustainable cities and communities. By promoting sustainable energy solutions and providing financing for affordable housing, the DeferRent project will contribute to efforts to create sustainable and livable cities and communities in Nigeria.

02.12.01 My project contributes to the Responsible consumption and production goal

6

02.12.02 Responsible consumption and production - Justification

The DeferRent project will contribute to the Responsible Consumption and Production goal by promoting sustainable energy solutions and reducing energy consumption. The project's promotion of sustainable energy solutions such as solar panels and mini-grid systems will reduce dependence on fossil fuels and promote renewable energy generation, which will contribute to responsible consumption and production. Additionally, the project's financing for energy-efficient upgrades to rental properties can reduce energy consumption and promote sustainable consumption patterns. By promoting sustainable energy solutions and reducing energy consumption, the DeferRent project will contribute to efforts to promote responsible consumption and production in Nigeria.

02.13.01 My project contributes to the Climate action goal

7 - Strongly Agree

02.13.02 Climate action - Justification

The DeferRent project will directly contribute to the Climate Action goal by promoting sustainable energy solutions and reducing carbon emissions. The project's focus on renewable energy technologies such as solar panels and mini-grid systems will reduce dependence on fossil fuels and promote renewable energy generation, which will mitigate climate change. Additionally, the project's promotion of energy-efficient upgrades to rental properties can reduce energy consumption and promote sustainable consumption patterns, which can further contribute to climate action efforts. By promoting sustainable energy solutions and reducing carbon emissions, the DeferRent project will directly contribute to efforts to mitigate climate change in Nigeria.

02.14.01 My project contributes to the Life below water goal

2

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

2

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

5

02.16.02 Peace justice and strong institutions - Justification

The DeferRent project contribute to by the Peace, Justice, and Strong Institutions goal promoting access to affordable housing and improving living conditions for low-income households in Nigeria. Access to affordable housing can contribute to social stability and can help reduce inequality and poverty, which can be drivers of conflict. Additionally, improved living conditions can lead to better health outcomes and can contribute to reducing the burden on the healthcare system, which can promote social stability and strong institutions.

02.17.01 My project contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification

The DeferRent project will contribute to the Partnerships for the Goals by collaborating with various stakeholders to promote sustainable energy solutions and access to affordable housing in Nigeria. The project will work with landlords, renewable energy companies, financial institutions, and government agencies to promote sustainable development and improve access to affordable housing. Additionally, the project can collaborate with international organizations and NGOs to leverage resources and expertise to achieve sustainable development goals. By fostering partnerships and collaborations, the DeferRent project will contribute to efforts to achieve sustainable development goals in Nigeria.

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

4

05.02 The product/service we envision creating represents an entirely new type of product/service.

4

05.03 The product/service we envision creating could be described as a new technology.

3

05.04 The product/service we envision creating is an improvement on an existing product or service.

3

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

6

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

6

05.07 The product/service we envision creating is a new version of an old product/service.

4

05.08 Justification

The presence of existing rental financing platforms and sustainable energy solutions in Nigeria likely falls around a 4 or 5. There are initiatives in this space, but it's not yet saturated, leaving room for innovation and growth opportunities like DeferRent. While rental financing and sustainable energy solutions are not new technologies, combining them into a single integrated service may involve utilizing existing technologies in new ways or adapting them to the Nigerian context. The envisioned product/service by DeferRent would likely be around a 6. It combines rental financing and sustainable energy solutions in a novel way, tailored specifically for low-income households in Nigeria, representing a significant extension of existing services in the market. This combination addresses a unique and significant need that is not fully satisfied by current offerings, providing both financial assistance for housing and promoting sustainable living, which is a relatively underserved niche.

05.09 Who are your main potential competitors and what makes you stand out from them?

1. Paylater (now Carbon):Microloans and financial services, lacks focus on rental financing and sustainable energy. 2. RenMoney: Personal and business loans, not specifically targeting rental financing or energy solutions. 3. Kwikmoney:Quick loans via mobile, focuses on short-term loans, not integrated rental and energy solutions. 4. Lumos Nigeria:Solar energy solutions, lacks rental financing. 5. MTN Mobile Money (MoMo):Mobile financial services, not tailored to rental financing or energy DeferRent integrates rental financing with sustainable energy solutions, targeting low-income households. It combines financial and green energy services, promoting affordability and sustainability. Customized loans cater to low-income families, while partnerships with landlords implement energy-efficient technologies. Adapting services to the Nigerian market and leveraging local insights ensures relevance and effectiveness, making DeferRent a unique offering in an underserved niche.

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

1. Networking Events: I organize regular networking meetups or forums specifically for female entrepreneurs. Provide a platform where they can connect, share experiences, and forge beneficial relationships. 2. Workshops and Training: I host workshops and training sessions focused on essential entrepreneurial skills such as business planning, marketing strategies, financial management, and leadership development. Tailor these sessions to address challenges commonly faced by female entrepreneurs. 3. Mentorship Programs: I establish a mentorship program pairing experienced female entrepreneurs with aspiring ones. Encourage mentorship relationships to provide guidance, support, and valuable insights into navigating the entrepreneurial journey.